Nigerian billionaire Aliko Dangote has given his support to US President Donald Trump’s approach to trade, saying that African leaders should become proactive in addressing their trade imbalances with other regions.
Speaking at the African Export-Import Bank (Afreximbank) 2025 annual meeting in Abuja, Nigeria, this week, the Dangote Group president and CEO said Trump’s approach to trade and protectionism was informed by his mission to prevent trade imbalances such as export dumping, which have rocked African economies for decades.
“When Trump said ‘make America great’, he was trying to create jobs," Dangote said. "Some people might not agree with him, but I fully agree with him because I’ve been through that route. When you try to go into new industries and [export destinations] say open up your market, it’s like opening your windows before you go to bed. You won’t be able to have a good sleep, because you will be disturbed by mosquitoes.”
Dangote's comments come at a time of global trade fragmentation which is expected to slow economic growth. In 10 years, Afreximbank’s value in assets surged from $4bn (about R71bn) to $40bn.
He said Africa has not seen regional growth levels similar to those of the Asian continent because capital flees the continent instead of being reinvested in African countries and their industries.
The only way for us to make Africa great is for us to produce our minerals before they are exported, so that we can create jobs ... If we remain a dumping ground, we will never create jobs.
— Aliko Dangote
“The only way for us to make Africa great is for us to produce our minerals before they are exported, so that we can create jobs ... If we remain a dumping ground, we will never create jobs. So, since it is ‘America first’, we should also try to make Africa great.”
Dangote said Nigeria was well positioned to have strong and mutually beneficial trade ties with the rest of the world, as it exports goods such as jet fuel and fertiliser to markets like the US. He was confident that in the next 40 months it would be possible for Africa to supply its own fertiliser.
Asked about the recently announced visa ban imposed by the US on countries including Nigeria, Dangote said: “Why would you want to go to America? We have all of the minerals and resources here ... Let us make our continent a productive continent.”
Trump announced tariffs earlier this year that had the effect of nullifying the trade benefits of the African Growth and Opportunity Act (Agoa), which allows duty-free access for selected goods and products into the US market.
Trump adviser Jason Miller, who attended the Afreximbank meeting, told delegates that it was in the hands of the US Congress, and not the White House, to extend Agoa before it expires in September. He added that even if it lapsed, the US president was open to negotiating mutually beneficial trade agreements with African countries.
“I spoke with President Trump earlier today ... and asked him if there was any particular message that he wanted me to share," Miller said. "He said very simply, 'Everybody wants to do business and wants to trade with the US. People who treat us well, we’re going to treat well, also.' It’s that simple. It’s about reciprocity. It’s about mutual respect.”
Mille said any leader looking to meet Trump should follow him on his social media platforms, including Truth Social. He also urged leaders to get to know Trump’s concerns about their markets and be forthcoming with their own demands of the US.
Afreximbank's "African Trade Report 2025", which was launched at the meeting, says the political turn towards tariffs and subsidies in 2025 has spilt over into finance and heightened trade protectionism.
Despite a challenging global economic environment, intra-African trade has demonstrated remarkable resilience, supported by the recovery of major economies including South Africa, Nigeria, and Morocco, with the global share of total African trade only decelerating marginally to 14.4% compared with 14.7% in 2023, the report says.
“Heightened trade protectionism, driven by tariffs imposed by the US, saw equity markets shed approximately $10-trillion immediately after the first wave of tariff announcements, while volatility indices remain elevated."
The rules of global finance are fragmenting along geopolitical lines as China, India and the Gulf states enlarge their footprints in finance and trade, but Global South groupings and alliances are offering finance alternatives for emerging economies, the report says.
“The Brics group, an intergovernmental organisation promoting greater economic and political co-operation among 10 countries — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the UAE — and the Asian Infrastructure Investment Bank offer alternatives to Bretton Woods funding.”
The report says South Africa remains the continent’s largest intra-African trader. After contracting 1.7% in 2023, South Africa’s intra-African trade grew 7.5% to $42.1bn, representing 19.1% of total intra-African trade, a slight decline from 20% in 2023, and below the three-year average of 19.4%.
• Magubane was invited to the meeting as a guest of Afreximbank
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